April 22 (SeeNews) - Romanian real estate developer One United Properties [BSE:ONE] said on Monday it will grow its share capital by 6,240,640 lei ($1.34 million/1.25 million euro), which is an increase of 0.8%, in order to set off liquid and due receivables held against the company by the beneficiaries of its approved share allocation plans.
One United Properties will issue 31,203,202 new shares with a nominal value of 0.2 lei each, it said in a filing to the Bucharest Stock Exchange.
On June 26, the company will identify the beneficiaries of the new shares, and on the following day, the shares will be transferred to their accounts.
Earlier this month, One United placed 234 million of its existing shares, representing roughly a 6.2% stake in the company, with institutional investors.
Last month, One United requested its shareholders to temporarily give up pre-emption rights during their general meeting scheduled for April 25. A potential approval of this request will enable One United Properties to increase its capital by up to 20% over the next three years. The company also proposed to its shareholders to endorse a potential bond issuance worth up to 300 million euro ($319.7 million) that it will pursue if rates ease in the future.
Established in 2009, One United Properties is a developer of residential, commercial and office real estate. In 2023, the company booked a net profit of almost 443.2 million lei, down by an annual 12%.
Blue-chip One United's shares traded 0.66% higher at 0.921 lei as at 1410 CET on Monday on the Bucharest bourse.
(1 euro=4.9758 lei)